Holiday RV Superstores Agrees to Acquire Florida-Based RV Dealer Chain, County Line
23 September 1999
Holiday RV Superstores Agrees to Acquire Florida-Based RV Dealer Chain, County Line
Strengthens Presence in Nation's Second Largest Market
ORLANDO, Fla., Sept. 23 -- Holiday RV Superstores, Inc.
today announced its plans for the first acquisition in the
Company's effort to consolidate the fragmented recreational vehicle and boat
dealership business in North America.
Holiday RV Superstores, an Orlando, Fla.-based RV-and-boat dealership
chain, announced it has reached an agreement to acquire Ocala, Fla.-based
County Line Select Cars and RVs, Inc. The transaction is expected to close in
60 days. Terms were not disclosed.
County Line, which posted revenues of approximately $70 million for the 12
months ended August 31, 1999, operates four RV dealerships in the central
Florida cities of Clermont, Inverness and two locations in Ocala. The
management of County Line, including founder and president Armando Alonso and
vice president Frank Alonso, will join Holiday RV Superstores following the
close of the transaction. Armando and Frank have more than 40 years of
combined experience in the RV industry.
"The combination of Holiday RV Superstores and County Line firmly
establishes our leadership position in Florida -- the nation's second largest
RV retail market -- and sets the stage for our future acquisition efforts,"
said Hardee McAlhaney, president and chief executive officer of Holiday RV
Superstores. "County Line and their management team are the type of quality
partner we will align ourselves with as we move to consolidate the $35 billion
RV- and marine-dealership market through acquisitions of complementary, multi-
location retailers."
The acquisition marks the first Holiday RV has made following the June 30,
1999 purchase of a controlling interest in the Company by Atlas Recreational
Holdings, Inc., a Florida-based investment group. At that time, Holiday RV
announced its intent to consolidate the industry. In the ensuing months,
Holiday RV has bolstered its board and management team including the addition
of three outside directors, a new chief operating officer and a new chief
financial officer.
"The fragmentation and strong, double-digit growth in the RV and boat
dealership businesses represent an ideal environment for consolidation," said
Michael Riley, chairman of Atlas Recreational Holdings and Holiday RV
Superstores. "Holiday RV's proven sales and service model, and its track
record as a profitable multi-dealership operator, provides an ideal platform
for this consolidation effort. We have a clear vision and are moving forward
with our plan."
Holiday RV Superstores (http://www.holidayrv.com ) is the nation's only publicly
traded chain of dealerships specializing in sales of recreational vehicles and
boats. The Company sells, services and finances more than 52 RV and boat
brands -- including Winnebago, Fleetwood, Airstream, Beaver, National RV,
Bayliner, Sea Ray and Mariah -- from its chain of seven dealerships in
California, Florida, New Mexico and South Carolina.
The statements contained in this news release include certain predictions
and projections that may be considered forward-looking statements under
securities laws. These statements involve a number of risks and uncertainties
that could cause results to differ materially including, but not limited to,
the performance of the recreational vehicle or boat industries, certain
customers or affiliated companies, as well as other economic, competitive,
governmental and technological factors affecting the Company's operations,
markets, products, services and prices.